[Resolved] HDFC Bank Bank Car Loan — Very high foreclosure/prepayment charges | |
Dear Sir, My Loan account no is 13093480, I had bought a Honda Civic in April 2008 which was financed by HDFC Bank.The EMI was debited through ECS.Recently I approached the bank for foreclosure & they said they charge a whopping 5%....which was unbelievable.Again this was never mentioned when i approached the bank for loan.I have never defaulted on the payments & have been paying the EMI on time as per the schedule & this is what we get for being a loyal customer. I have approached the bank for a waiver by 2-3% but they have refused. After going through the series of complaints It seems a practice being followed by the bank to dupe their customers of hard earned money. Kindly do not approach HDFC Bank for Car Loans, other banks offer much better customer service & work towards customer retention....unfortunately HDFC bank does not bother neither care for its customers..... SO Beware of HDFC Bank Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 35 Comments | |
Comments
I had similar experience and I do recommend not to go for HDFC loans
i do have the same experience with my used car, but the process for loan is hasless, keeping dis in our mind we do approach thats where they loot your pocket...
I am working in reliance communication.i have received a car loan Do on dated 01.11.2010, but stil payment is not credited in delear account.After strong follow up by me no possitive responce found.Its very poor responce from your end
I have received a car loan DO on dated 01.11.2010.But still payment is not credited in delear acount.Pl intervine on above subject.
I am a senior citizen and I availed a loan of 150000 from Hdfc
They charged 3000 as processing charges and charged 5% foreclosure charges after 20 installments meaning extra charges of almost
7000 on a loan of 150000 8% on amount used ie 26% total . Will any body help and spop open loot
They charged 3000 as processing charges and charged 5% foreclosure charges after 20 installments meaning extra charges of almost
7000 on a loan of 150000 8% on amount used ie 26% total . Will any body help and spop open loot
HDFC Bank Car Loan - Pre-payment charges — Pre-payment charges
I had taken a Car Loan some 2 and 1/2 years back with a tenure of 5 years from HDFC Bank. Now when i want to pre-pay the balance amount it is asking for pre-payment penalty @ 3% which is shoking.In case of House Loans, there is no pre-payment penalty then why on this............................
thangadurai58's reply, Jun 7, 2017
Hello All !
The HDFC carloan preclosure charges is now 6.9% and not 5%. Exactly after one year was over on my carloan with prompt repayment, wanted to close and approached them. I was told it will take 2 to 3 days for their system to account the last installment they received today and turned me down. I have to pay interest for the 2 to 3 days or more when I actually pay it. They want to grab our money in all possible sources. Government do not regulate these kind of cheating on innocent consumers.
The HDFC carloan preclosure charges is now 6.9% and not 5%. Exactly after one year was over on my carloan with prompt repayment, wanted to close and approached them. I was told it will take 2 to 3 days for their system to account the last installment they received today and turned me down. I have to pay interest for the 2 to 3 days or more when I actually pay it. They want to grab our money in all possible sources. Government do not regulate these kind of cheating on innocent consumers.
I had similar experience and I do recommend not to go for HDFC loans.Any Solution ??
HDFC bank is charging 5% as prepayment penalty but also refraining you from interest rate of 11-12% so what's the problem ?
Its better to pay 5% then 11%.
Private banks charge you penalty because you are paying them before time. they have projection of money for next 5 years but your are breaking that projection by prepaying that amount. also they are helpful in providing loan.
If you go to govt bank then they will ask you for 10-15 document, stamp papers, verification, physical presende in branch etc.. but private bank gives you all benefit at your door step.
So you have to pay for that benefit !!!
Restaurant mein 2000 ka dinner kar ke 50-100 rs waiter ko tip de sakte ho par bank ko nahi !!!
Its better to pay 5% then 11%.
Private banks charge you penalty because you are paying them before time. they have projection of money for next 5 years but your are breaking that projection by prepaying that amount. also they are helpful in providing loan.
If you go to govt bank then they will ask you for 10-15 document, stamp papers, verification, physical presende in branch etc.. but private bank gives you all benefit at your door step.
So you have to pay for that benefit !!!
Restaurant mein 2000 ka dinner kar ke 50-100 rs waiter ko tip de sakte ho par bank ko nahi !!!
I had taken car loan from HDFC bank 20 months back. Now I went for foreclosure of my loan amount for which they have levied a penalty of 5.62% of the left out principal amount which comes to around Rs38000/- in my case. This prepayment penalty was not at all discussed during the disbursement of loan . In spite of repeated attempts for waiving of the some portion of the penalty, HDFC refused to do so. Never ever go to HDFC for any loan. They are cheaters...They are cheaters...SBI is definitely a better option even though they have cumbersome procedures
Rajshaekar, Bangalore, 22 Oct 2014
Rajshaekar, Bangalore, 22 Oct 2014
i agree to the point... NEVER EVER GO TO HDFC FOR ANY KIND OF LOAN ... IT SEEMS THEY DO NOT UNDERSTAND... THE MEANING OF WORD LIKE CULTURE, DECENCY, DECORUM ….THEY HAVE DIFFERENT LAWS OF TAKING AND GIVING MONEY……WOULD ALSO SUGGEST PEOPLE TO TAKE OUT THERE INVESTMENT FROM HDFC BANK…. BECAUSE WITH THESE TYPE OF ATTITUDE AND APPROACH…. I DON’T THINK IT WILL DO WELL IN FUTURE…..THEY WILL HAVE TO SHUT DOWN VERY SOON… RBI HAS ALREADY FINE FOR NOT MAINTAING RULES ….THE PENALTIES WAS UP TO RS. 450 LAC….THE POINT IS THEY DID NOT ARGUE… ABOUT THESE AND PAID THE FINE… IT CONCLUDES THAT THERE ARE MANY UNETHICAL THINGS GOING ON
NEVER EVER GO FOR USED CAR LOAN AT HDFC, DO WHATEVER BUT NEVER GO THERE. THEY USE AGENTS LIKE APNA CAR & TRAP PEOPLE WITH PROMISE OF HASSLELESS APPROVAL & SO ON...I LEARNT IT HARDWAY, SPENT MORE THAN WHAT I HAVE TAKEN. WITH HEAVY HEART, I CLOSED IT & EVEN TAKING MONEY FROM MY FRIENDS. WORST FORECLOSURE CHARGES 6% + TAX... WHEN THEY INITIALLY APPROACHED ME, THEY SAID 9% INTEREST RATE, AS I NEEDED MONEY URGENTLY, I DID ALL DOCUMENTATION. BUT ACTUALLY IT IS FLAT INTEREST RATE, WHICH MEANS 16% REDUCING BALANCING TYPE. ... PLS STAY AWAY FROM THEM...
HDFC & ICICI bank sucks big time guys... i am going through the same problem and they are not ready to compromise. They have part payment facility but in that facility it says that u can only pay part payment in every six month that too NOT more than 25% of your principle amount. HDFC bank is a big !
I have taken car loan from HDFC (so called Bank rather big lootere) of 3.5 lac in 2011 and now i want repay despite only 8 EMI's are outstanding. I was shocked to hear 3% foreclosure charges. I was never mentioned at the time of taking loan. They have told me that if you after 3 year of loan, there will be no foreclosure charges. In fact when i called their cust. care, he took care of me by talking rudely.
HDFC is BIG CHEET...PLS NVR GO FOR IT..
HDFC is BIG CHEET...PLS NVR GO FOR IT..
I have taken car loan from HDFC of 6 lac in 2012 and now i want repay . I was shocked to hear 3% foreclosure charges. They have told me that if you after 2 year of loan, there will be no foreclosure charges. when i asked HDFC Bank executive for Written proof of 0% Pre-Payment charges he told me that nothing to keep in written bank will take care when you go for Pre-Payment.
Even i took auto loan from HDFC (also a case of mis selling).. Now after 18 months we want to prepay part of it which they say is restricted to 25% of the outstanding amount BUT again on that they are charging 5.70% pre payment penalty.
They are least co operative with re schedulement (they are saying that re schedulement not possible even though the agreeement say its possible...
NEVER GO FOR HDFC BANK...
They are ready to catch the preys with false promises...
(N)
They are least co operative with re schedulement (they are saying that re schedulement not possible even though the agreeement say its possible...
NEVER GO FOR HDFC BANK...
They are ready to catch the preys with false promises...
(N)
Always interested in squeezing customers. Interested only in their earnings.
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It will be great and they will help you. (http://www.rbi.org.in/commonman/Upload/English/Notification/PDFs/DBC070514DF.pd...⇄ ) also file complaint here ( https://secweb.rbi.org.in/BO/precompltindex.htm ) - please file the online complaint only when you have written complaint to your BANK.